For more than 20 years, the top seven U.S. trading partners in goods have remained the same: Canada, Mexico, China, Japan, Germany, South Korea, and the United Kingdom. But with the U.K.'s share slipping to 2.6 percent in the first 10 months of 2022 and Vietnam's share rising to 2.7 percent, seventh place could now belong to Vietnam.
The United States and Vietnam established diplomatic relations in 1995, and since then, trade between the two countries has grown significantly. This growth has been facilitated by a number of factors, including the signing of trade agreements, including the U.S.-Vietnam Bilateral Trade Agreement in 2001 and the Trans-Pacific Partnership (TPP), which aims to promote economic development and increase trade between the two countries. Vietnam is now the 10th largest trading partner of the United States, with two-way trade totaling over $120 billion in 2021.
The United States imports a variety of goods from Vietnam, including textiles, clothing, footwear, furniture, and electronics. It also exports a range of products to Vietnam, including machinery, aircraft, and agricultural products.
Meanwhile, between the pandemic and Brexit, the U.K. economy has been through a tumultuous few years and the outlook for 2023 doesn’t look to improve any time soon.
Source: Bloomberg
Note: FNM Vietnam is your supply chain management partner, helping small and medium-sized businesses and individuals like you to safely purchase and import products from Asia. We help you find a reliable manufacturer or wholesaler, negotiate the price, and ensure the smooth transportation of your order internationally.
To contact us, please fill out the form or get immediate answers to your questions by calling our experts.
DocShipper info: Did you like this article? You may also like the following:
Adivce FNM :We help you with the entire sourcing process so don't hesitate to contact us if you have any questions !
- Having trouble finding the appropriate product? Enjoy our sourcing services, we directly find the right suppliers for you!
- You don't trust your supplier? Ask our experts to do quality control to guarantee the condition of your goods!
- Do you need help with the logistics? Our international freight department supports you with door to door services!
- You don't want to handle distribution? Our 3PL department will handle the storage, order fulfillment, and last-mile delivery!
DocShipper | Your dedicated freight forwarder in Vietnam !
Due to our attractive pricing, many customers trust our services and we thanks them. Stop overpaying the services and save money with our tailored package matching will all type of shipment, from small volume to full container, let us find the best and cost-effective solution.
Communication is important, which is why we strive to discuss in the most suitable way for you!
